WorkSafeNB decreases average assessment rate for 2015

The average employer’s assessment rate will be reduced by 10
cents from $1.21 in 2014 to $1.11 in 2015 per $100 of payroll. The
rates, effective January 1, 2015, represent an 8% reduction.

“Our fully-funded position and stabilized claim costs were the
major factors in our decision to decrease the average assessment
rate for 2015,” said Gerard Adams, WorkSafeNB’s president and chief
executive officer. The rate decrease will see premiums for
approximately 13,000 employer operations drop or remain stable. New
Brunswick’s average assessment rate continues to be the lowest in
Atlantic Canada.

“A continued decline in accident frequency helped secure
WorkSafeNB’s fully-funded position,” Adams said. The provincial
workplace accident frequency rate has continually declined over the
past few years. The rate has dropped from 3.52 per 100 full-time
equivalents (FTE) in 2006 to 2.84 in 2013.

“Because of our strong financial position, we have assured rate
stabilization for employers and the continuing security of benefits
for injured workers and their families. And by allowing employers
to reduce the cost of doing business, it helps boost the provincial
economy,” Adams said.